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The Securities and Exchange Commission has filed fraud charges against Colorado Springs resident Donald H. Allen and two of his companies, H&M Petroleum Corp. and American Energy Resources Corp., for allegedly luring investors with illegal sales pitches.
The SEC complaint said Allen touted astronomical investment returns while spending $2.3 million of investors’ funds on personal items such as a custom speedboat, ski vacations, fitness equipment and jewelry.
In conjunction with the filing of the fraud charges, Allen and his companies agreed to settle the charges without admitting or denying the SEC allegations. They also agreed to pay $510,000 in restitution.
